Prime Minister Narendra Modi speaks on the program ‘Samudra se Samriddhi’ in Bhavnagar, Gujarat on September 20, 2025 | Photocredit: @narendramodi via pti photo
The debt blaming for his political rivals for the poor shipbuilding of the country, Prime Minister Narendra Modi said on Saturday that India uses 75 billion in lease to foreign shipping companies — an amount that is almost equal to the defense budget of the country — for shipping services that have been provided every year.
“The shipping sector is the greatest example of the loss caused by the (Congress Party) on the nation. India has been a maritime power of the world for several centuries. We used to be the largest center of shipbuilding in the world. The ships were built in the coastal states of the country, used part of the worldwide of our ownership that were made in ships.
Dependence on foreign ships
“Every year, India USD pays 75 billion —- that is about £ 6 Lakh Crore — As a lease to foreign shipping companies for delivering shipping services. This is almost the same as India’s defense budget,” he said as he presents figures to the audience present. “Imagine that the amount that we would have paid to other countries as a lease. Lakhs van jobs were created in other countries with our money. Think about it. If a small amount had invested in our shipping industry, the world would have used our ships and we would have been produced in India.
Internal shipbuilding breathing new life
Talking about reforms that his government have implemented, said Prime Minister Modi: “India has been an expert in building large ships. The reforms of the next generation will help restore the forgotten pride of the nation. In the past decade we have registered more than 40 ships and submarines in India.
Infrastructure status and financial support
The public reminds of the steps that his government took on Friday, PM said that the status of the infrastructure “will be provided for the construction of large ships in India.” When a sector is granted with the infrastructure status, it will have many benefits. The companies that build large ships can get easy loans from the banks and they will receive a discount on the interest on these loans. They will also benefit from the benefits of infrastructure financing. Because of these decisions, the burden on this compormy, the expiry of global competition, “he said.
Economic multiplication effect
Suppose his government will spend more than £ 70,000 crore in the coming years on helping Indian shipyards to assume modern technology and improve design and quality, Modi said that the shipbuilding industry has a multiplication effect on the economy and in creating jobs. “Scheepbuilding is considered the mother of all industries around the world. The industries with regard to steel, machines, electronics, textiles, Paints IT systems receive support from the shipping industry. The MSMEs also benefit,” he added.
Published on September 20, 2025
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